Sukanya Samriddhi Account (Girl Child Prosperity Account) is a special deposit account under the Sukanya Samriddhi Yojana (Girl child prosperity scheme) launched by the Prime Minister of India on 22 January 2015, with the stated aim of improving the welfare of female children in India.

Sukanya Samridhi Account Scheme is a small deposit scheme for girl child, as part of ‘”Beti Bachao ,Beti Padhao”’ campaign, which would fetch yearly interest rate of 9.1 per cent and provide income tax deduction Under section 80C of the Income Tax Act,1961.

benefits

One of the key benefits of the scheme is that it is quite affordable and offers one of the highest rates of interest. Currently it is set as 9.2% per year for Fy 2015-16 and also SSAY is under the Income tax Act 1961, section 80C.

Objective

Sukanya Samriddhi account is to ensure a bright future for girl children in India. This yojana is to facilitate them proper education and carefree marriage expenses. The scheme has well been accepted by the masses in wake of the financial security and independence it would provide to the girl child as well as their parents and guardians.

Key Highlights of the Pradhan Mantri Atal Pension Yojana

Sukanya Samriddhi Yojana: Key Pointers

Duration of Account: The account will remain operative until the child turns 21 years or till marriage of the girl child.

Features-- Per girl child only single account is allowed.

-- Parents can open this account for maximum two girl child.

( In the event of birth of twin girls in 2nd birth or birth of 3 girl child's in 1st birth itself, this facility will be extended to third child Minimum deposit amount for this account is --1,000/- and maximum is 1,50,000/- per year. )

-- Money to be deposited for 14 years in this account.

-- Interest rate for this account is 9.2% per annum for FY 2015-16(it was 9.1% for 2014-15), calculated on yearly basis, Yearly compounded.

-- Interest rate is tied to 10 year Government of India Bond Yield, and will be 75 basis point higher than the respective year's bond yield.

-- Passbook facility is available with Sukanya Samriddhi account.

-- From FY 2015-16 the interest earned on account will be tax exempted. As per Finance Bill 2015-16.

Who can be ‘Guardian’ under this Scheme – In relation to a minor girl Child Guardian means

(i) either father or mother; and

(ii) where neither parent is alive or is incapable of acting, a person entitled under the law for the time being in force to have the care of the property of the minor.

Scheme Change Table

Serial Number

Financial Year

Date Range

Interest Rate

Minimum Investment

Maximum Investment

1

2014-15

01/04/2014 to 31/03/2015

9.10%

1,000/-

1,50,000/-

2

2015-16

01/04/2015 to 31/03/2016

9.20%

1,000/-

1,50,000/-

Who can open the account: A natural/ legal guardian on behalf of a girl child

Sukanya Samriddhi Account Yojana calculatorThis is one of the most asked question from our readers for this scheme. What would be my maturity amount If I invest Rs 1000 monthly for 14 years in Sukanya Samridhi? Well the answer to this question is not straight forward as the rate of interest will surely vary in the 21 years time frame. So assuming the current interest rate remains same for the next 21 years then you will get approximately rs 6,00,000 (6 Lakhs) as maturiy amount. There are some rumours running around that Rs 1,000 monthly will get you Rs 6 Lakhs so you will have to shell our Rs 12,000 annually to get Rs 6 Lakhs.

Year

Opening Balance

Monthly Contribution

Yearly Contribution

Intrest Rate @9.2%

Closing Balance

2015

-

1000

12,000

7,394

1,57,394

2016

1,57,394

1000

12,000

21,717

3,29,110

2017

3,29,110

1000

12,000

37,343

5,16,453

2018

5,16,453

1000

12,000

54,391

7,20,844

2019

7,20,844

1000

12,000

72,991

9,43,835

2020

9,43,835

1000

12,000

93,283

11,87,117

2021

11,87,117

1000

12,000

1,15,421

14,52,539

2022

14,52,539

1000

12,000

1,39,575

17,42,114

2023

17,42,114

1000

12,000

1,65,926

20,58,040

2024

20,58,040

1000

12,000

1,94,675

24,02,715

2025

24,02,715

1000

12,000

2,26,041

27,78,756

2026

27,78,756

1000

12,000

2,60,261

31,89,016

2027

31,89,016

1000

12,000

2,97,594

36,36,611

2028

36,36,611

1000

12,000

3,38,325

41,24,936

2029

41,24,936

-

-

3,75,369

45,00,305

2030

45,00,305

-

-

4,09,528

49,09,833

2031

49,09,833

-

-

4,46,795

53,56,628

2032

53,56,628

-

-

4,87,453

58,44,081

2033

58,44,081

-

-

5,31,811

63,75,892

2034

63,75,892

-

-

5,80,206

69,56,098

2035

69,56,098

-

-

6,33,005

75,89,103

FAQ- For Sukanya Samriddhi Yojana

What are the documents required for opening of Sukanya Samriddhi Account Yojana?This is one of the simplest types of accounts ever and thus opening an account under Sukanya Samriddhi Scheme would require very basic documents and the process if quite simple and easy. Here is a list of documents that would be required to open Account:

Certificate of Birth of the Girl ChildProof of Identity of the parent or legal guardian, whosoever is the depositorAddress proof of the parent or legal guardian, whosoever is the depositor

Can an existing saving account be converted to Sukanya Samriddhi Account Yojana?NO, an existing saving account cannot be converted to Account and thus the applicant would have to open up a fresh account altogether.

Is Sukanya Samriddhi Account Yojana transferrable?The account is completely transferrable to any place in India where the girl moves. A proof of new residence may however be required for transferring the account.

Who can be the guardian of the girl child under SSA Yojana?After the age of 10 years, the girl can herself operate the account. There could be two possible caretaker or depositor of the account for the minor child (below ten years of age).

How many accounts can be opened in sukanya samriddhi account Yojana for a girl child?One Girl One Account: The scheme prohibits multiple accounts under the name of the same girl child. A girl child can have only one account under her name.

Rate of Interest under Sukanya Samriddhi Account (SSA) YojanaAs per the scheme, the rate of interest as of now is 9.2% per annum for the FY 2015-16 initially it was 9.1%.

Where to contact for opening of account under this sukanya samriddhi account Yojana?This scheme is available to all commercial banks and post offices and their branches, big or small, working throughout India.